Monday, December 8, 2008

Here We Go Again

Happy Monday.

The market gave back a little last week amid more bad news, but the S&P 500 is still 16% above the November low. If we are going to get some sort of year end rally, we are probably still in it. Obama's plans for economic stimulus may justify some level of optimism.

Merrill CEO John Thain goes before the Merrill board today to suggest that he get a $10 million bonus, probably the least popular thing that he could do. He might have saved shareholders a few billion as the WSJ estimates, but who cares at this point?

Equity futures are up nicely. Oil is at $42 and nobody outside of CNBC is talking about it any more. CNBC is going to need a new bubble as much as anybody.